During a recent earnings call,Ford (F) - Get Ford Motor Company Reportpresident and CEO Jim Farley described the F-150 Lightning pickup as "a truly breakthrough electric truck."
According to a transcript of the call, "the joy around the truck is like nothing I''ve ever seen in my career."
''''Our Significant Transformation''''
"While we have a lot of time to to fully scale production and fill an extraordinary order bank, both for our retail Lightning customers and Ford Pro, make no mistake, this is a very significant phase for us at Ford," he said. "We''re accelerating our significant transformation."
On April 26, the iconic automobile manufacturer stated on April 26 that it had begun producing the F-150 Lightning, declaring that Farley "America''s real transition to electric vehicles is now in operation."
Consumers and competitors alike have now given the company another surprise.
It turns out that theF-150 Lightning is more powerful than it was previously revealed by the iconic vehicle manufacturer.
The F-150 Lightning, which features both standard and extended range batteries, has increased as well.
The extended-range battery pack produces 580 horsepower, up from the predicted 563 horsepower.
The standard-range battery pack has a 452 horsepower boost than the previous 426 horsepower it had already promised.
Both packs are capable of producing 775 pounds of torque, more than any other F-150 pickup ever.
Ford is a good fit for Ford.
''''Raising the Bar''''
According to Dapo Adewusi, the head of the F-150 Lightning vehicle engineering, we were focused on raising the bar on this truck, including after it was revealed.
Ford said it has "unprecedented demand" for the F-150 Lightning with 200,000 reservations and is expanding the Rouge Electric Vehicle Center in Dearborn, Mich. to expand production to a projected annual run rate of 150,000 in 2023.
The F-150 has been the top vehicle in the United States for 40 years, and the Lightning will be facing competition from other electric vehicle manufacturers.
Get General Motors Company ReportRecently said that it has approximately 140,000 reservations for the upcoming Chevrolet Silverado EV, with production expected to begin early next year.
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AGM is developing an electric version of the GMC Hummer pickup.
Get Tesla Inc Reporthas promised Cybertruck, a vehicle that looks like it was driven out of a science fiction film. It first announced itsCybertruck in 2019, but production was postponed several times.
Last month, CEO Elon Musk announced that the futuristic vehicle will be in use next year at the company''s latest factory in Austin, Texas.
Rivian (RIVN) - Get Rivian Automotive, Inc. Class A Reportis is producing the R1T, but the company has been hesitant to respond to reports that "initial deliveries for the R1T and R1S were delayed, and our production ramp is taking longer than originally anticipated due to a number of reasons."
Ford incurred a $3.1 billion unadjusted first-quarter net loss, including a $5.4 billion loss on its 12% stake in Rivian.
Rivian is a good candidate for the country''s richest man.
''''Tug of War''''
While maintaining a buy rating, Benchmark analyst Michael Ward reduced his price target for Ford to $25, stating that the results were "distorted" by the Rivian loss.
During the discussion, he said, "a tug of war in the market" between economic concerns and upside opportunity. With the auto sector at the core.
Ward believes that future favorable demand trends, structural industry advancements, and improved financials will "win the battle," but has reduced his 2022 estimate to reflect more modest returns than expected.
Rivian received a $1.5 billion incentive from the state of Georgia and local governments to build a $5 billion electric vehicle facility east of Atlanta.
After a client chat with the North American Council for Freight Efficiency, Piper Sandler analyst Alexander Potter reiterated his overweight rating on Rivian with a $112 price target.
According to Potter in a research note, commercial vans are a "perfect fit for electric drivetrains" because of the fact that automobiles of all kinds sizes are embracing the technology.
Given its alignment with Amazon (AMZN), the analyst said Rivian is a "high-profile" supplier in this segment. He believes Rivian must sell software and services, not just vans, to large corporations.
As the 180-day lock-up period approaches expiration, Ford is playing it near the vest on Rivian.
During an analysts call, Farley said, "Yeah." "Unfortunately at this point, we''re not going to comment on Rivian."